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20121202
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conservatives in the party know something about some big reforms on medicare and medica medicare, social security is, any of the retirement or tax issues, but i'll tell you this. i think that all these stories aren't necessarily going lead us to the truth. i personally have a very size way i'm approaching this. the president is supposed to leave for a 21-day vacation in hawaii on december 17th. where he is on december 18th will tell me, and i think the markets will pay attention. i find it hard to believe, and i agree with bill and many, who are very not amused by the house taking their long weekend. i'm sure that the president would have no intentions of leaving until these issues are resolved. i think the market is being kind, but i think it's a timing issue. >> yeah, i think that's a good point. somebody mentioned the other day that the president is planning a trip to hawaii on december 17th. i said, what? they said, no, no, no, not unless the deal is done. we'll see about that. meanwhile, the house goes away for a lock weekend. all right, rob. what do you think? you think we're going
in this discussion. one is what would you do with respect to reducing the growth of spending in medicare? what specific steps are you willing to put on the table? >> well, let me give you something that -- it's very sensitive. but end of life is where 70% of the medicare dollars go, and yet we have a society where most people will not do a living will. i did a living will with my 90-year-old dad. it was very difficult. he died shortly after. but he told me, hey, do not keep me on life support, it costs a lot of money, plus i don't want it. if do you it, i'll come back and haunt you. but it was a good process. i see as a member of congress so many people who are estranged from their parents, they've moved away, had a falling out 20 years ago but they're the ones that say do whatever you can to keep mom and dad alive until i can get back to town. you know, if you have a living will, you're going to save lots of money. i think one of the potential discussion points is should we require living wills. that would save a tremendous amount of money in medicare. we can also revisit tort reform because
. no wonder the industry is facing potential cut in medicare, which amounts to about $11 billion. as government debates where to cut, the fact is, half of health care spending in general is done through government programs like medicare. it is the austerity cross hairs. the ceo of the new york presbyterian hospital is with us. give me your concerns or feelings as we approach this fiscal cliff. do you think we'll get a deal done, or are you anticipating we go over the cliff? >> we're americans. we have to get a deal done. this is really important, and it's important for health care. at some point in time, we're going to have to come to grips with the fact there's got to be revenue. you have to have some rate increases, in my opinion. charitable deductions are a non-starter for us. that's a big issue. universities, hospitals, we depend on charity and charitable donations. >> let's stop right there because i want to take one part at a time. the charitable deductions, this is one of those deductions within the tax code that's being debated. that and as well the mortgage deduction. yo
that mean for medicare? break it down in terms of where these savings come from. >> i wish i could. what we don't have here is a lot of detail hanging off this christmas tree at this point. we're looking at a couple of bullet points being released now in terms of the scale of the deal. it gives us overall broad numbers. presumably negotiators would have to go in and fill in details of how they're get that kind of savings. there have been a lot of proposals on health of finding billions of dollars of savings by reducing overhead and other things like that. you've seen the unions come out and say they don't want to see any changes at all that would hurt payoffs to beneficiaries in terms of health care. that would be one of the sticking points between republicans and democrats. we would have to see more detail from boehner's office and how they plan to get to the number of $600 billion. >> broadly speaking, these numbers are similar to where they left it on the table last year during those failed negotiations for the grand bargain. these numbers are similar to the simpson/bowles reduction plan
rates from that. they do have some specifics on entitlements which include raising medicare age of eligibility from 65 to 67, something talked about in the grand bargain talks over a year ago. they talk about moving to a different inflation adjustment for social security and other government programs. they also talk about reform of medicare to include private sector competition with a traditional fee for service medicare plan. all of those are things that are within the zone of discussion that both -- between the two of the parties. now, president obama went on twitter this afternoon, took questions from the public to try to build pressure on republicans. he got one question from an average person saying, well, will my mortgage interest deduction be threatened by these fiscal cliff talks? and the president used that as a lever to say, that's why rates have to go up, because if they don't, they're going to sister to squeeze middle class deductions. that's the president trying to put pressure on. but i think now that we have offers on paper from both sides, there at least is a pro
, stimulus tax extenders, the medicare patch, the mortgage plan they are is going to give mortgage credit. a lot of spending increases. you know, boehner is, i think you got to give him an a for being a valiant guy. he's down to 1.75 to 1 on spending cuts to revenues. now they originally wanted to start out with about three. the president's plan is zero spending cuts. i'm just saying boehner is down to 1.75 to one. that could be a problem, jimmy. >> we have the 800 billion which i read it and bloomberg is reporting the same thing, 800 billion is 800 billion before of what was based on economic growth, bring in more revenue. this $800 billion is done on a static basis, purely by getting rid of deductions. they are unnamed. this is a huge concession on the part of the house republicans and you're right. a balanced plan according to economists is one that's heavy on the spending cuts, light on the tax increases. that's what the house republicans have give end. still too heavy on the tax increases as opposed to the president's plan which was widely heavy on the tax hikes but harley any spendi
is the only way of stabilizing debt. the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is a european style kick the can down the road and, you know, it's tough to cut entitlements and it's tough to cap deductions. austerity doesn't have to look like just taxing your way out of it. if you want to not work, you just tax your way out of it. >> i think we have to remember that this is politics and not economics going on here. that's the most important thing i think people have to remember. and we know we want more revenue and cut spending. that's why we have the problem to begin with. you have to accept that issue. le politicians aren't willing to accept that issue yet. both are at extremes. if you accept they're both at exseee extre extremes, how did we raise revenue. because the politics, not because of economics, they will not raise marginal rates. >> although we have heard some people say they would go along with that. >> i agree. the center is actually saying that. but i think -- so if the democrats know that, which everybody knows, give o
savings and raising the eligibility age for medicare and changing how cost of living increases are calculated for social security. white house officials say the two sides will continue to negotiate ways to avoid the year end fiscal cliff. >>> and president obama is meeting with a group u.s. governors today around 10:00 a.m. eastern. it includes jack markell, mary fallon, scott walker. the governors will discuss how the fiscal cliff will impact their states and possible solutions. it's also expected to meet with house republicans, as well, this week. >>> and oracle is amongst the latest of speeding up their dividend pay outs to avoid possible tax hikes because of the fiscal cliff. they will pay dividends a total of 18 cents a share for the next three quarters. larry ellison didn't take part in the decision, but he will benefit. he own as 23% stake in the company, so he'll receive around $198 million. yes, you heard it right. oracle stock down 0.8% despite that in frankfurt. still to come, interest rates in australia are moving down. down under. find out what central bank is worr
considered is raising the age when seniors can start receiving medicare to help ease our debt burden. what do you think, bob pisani? raise the age. is it a good idea? >> of course it is going to help us. we should consider that. that's the most likely thing on the cable. what i'm worried about here, it is very easy to say we'll save a bunch of money, pick a number, $6 billion or whatever the number if we take it off. where do the people go? those 65 to 67-year-olds will go into the private system where these exchanges we're going to have. they're likely going to pay more money there and the premiums are going to go up because of all those seniors. so it isn't free! that's my point. it is not just the government saves money, other people, those seniors are going to pay to be in those exchanges. >> there's no free lunch. >> nothing. >> i think there is good news that with this administration we don't have to worry about having another debate about privatizing social security. you and i, bob, are probably not going to get social security at 65 anyway because that age is already going up. this is
is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in the final analysis want a deal and the compromise is in the revenue side for the president and potentially rates which i think he's serious on and real entitlement reform for the republicans and the american people, markets, business, confidence, the able to move forward in 2013 is all a function of doing both of the things you talk about, joe. having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. h
and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will catch you up later. also the joint economic committee will hold a hearing on the fiscal cliff. can congress come up with a compromise before the looming deadline? senator robert casey and jec vice chairman tom brady joins us from texas. thank you for being here. you have a lot of things happening behind the scenes. senator casey, i know you have said what we're watching is a lot of drama and probably taking our eye off the ball in terms of what's happening. can you tell us if there's progress being made behind the scenes? >> i think there's a little bit too much attention paid to the back and forth every day. there's still a long way to go here and fra
-- to the elderly from the government. higher medicare spending, higher retirement spending, and especially something we have to get used to and we're going to have to bump up the share of the economy, that is, from the government because that's the way we're going to have to live if we want to take care of the elderly. mark, is that a reality? does that mean higher -- i'm sorry, lower long-term growth rates for the economy? >> well, yeah. i mean, two things. one is it's right that because of the aging of the population, all else being equal, government spending as a share of gdp will rise because as definition the elderly will be using medicare and social security. but that's not the biggest part of the increase in what's going on in medicare and medicaid and social security. it's really the growth in health care costs. so, if we can control that and bring that rate down, then we'll be fine. we'll be okay. but you're right about the economy. the broader economy. because in the aging of the population, and people retiring, the rate of growth in the labor force is going to slow. it already i
to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's interesting that we're just now talking about it. but back in july, we passed legislation that would freeze the rates, deal with sequestration, make the cuts that needed to take place in spend sog we wouldn't be at this dilemma in december at this time. the president was on the campaign trail then. we thought he'd get off the campaign trail now and stop politics and start focusing on policy. >> can i ask you one last one quickly. the original across the board spending cut for sequestration was i believe $1.2 trillion. >> yes. >> in the republican proposal, you all seemed to have $200 billion as some kind of substitute. what's going to happen to the other trillion dollars in spending cuts that people expected? >> well, we believe you take care of it right now for a couple years. we're looking to not just solve this problem overall. we want to have overall tax reform next
for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less money to the rich. i'm also willing to compromise on military spending. the only thing i'm not willing to compromise is to throw out facts, throw out common sense and say, oh, let's take more money out of the private sector and maybe the economy will do better. it is a really, really bad idea to raise taxes. i think he'll perhaps send us into another recession. >> you may be right, as a reagan supply sider, my heart and head are with you on this. but it doesn't seem you can get a deal that would avoid a big tax hike unless you get whatever cuts you can get plus a revenue increase. what do you think of mr. boehner's idea, cap deductions and get $800 million in revenues? does that make any sense. >> that's a tax increase. it's a bad idea. but i have yet another thought how we could fix this. why don't we let the democrats pass whatever they want. if they are the party of higher taxes, all the republicans in the house vote present and let the democrats raise taxes as high as they want to
industry. i'm sympathetic with seniors on medicare. i'm certainly sympathetic with the 100,000 kids who are going to lose their head start. we have got to do something about the deficit in this country. you cannot take the position that, well, pi industry needs to be exempted from this. or the defense will suffer. everything will suffer. we will make do. we're a great country, but the biggest danger to this country is not cuts to the defense department. the biggest danger going forward is a deficit that's going to approach 80% or 90% of gdp. >> if i could respond, nobody is saying that there's any one special interest that can't participate. what we're saying is it would be not the right approach to just take this one slash, giant additional defense cut. this has to be across the board. it's got to be a balanced budget. it's got to be addressing all sorts of issues. there's got to be spending cuts across the board as well as the raising of revenue. the real concern is not reaching a decision and just letting this take place without any direction and without any attachment, if you will,
of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this he pursuit of perfection. >>> a recap of the headlines today. the fiscal fight rages on in washington as the republicans try to fend
to make sure that medicare and social security and other programs exist 20 years from now, there's that relationship to making sure there's a big enough revenue number. what he's laid out in terms of the rates just gets you a trillion. you will need net additional 500 billion beyond that i don't think he's overasked. everybody knows for those of us that have been successful, we'll pay more. more semantics about what format. let's have rates go back up. if we can really exercise the kind of discipline and tax reform that simpson-bowles and gang of six talked about it, we need to do that. >> speaker boehner would argue he's put a solution on the table that he'll compromise on deductions. in that context why is the treasury secretary being belligerent. you just need total tax rate. total tax take to rise on wealthy and not marginal rates. >> look at those plans that people have talked about. the speaker has talked a lot about simpson-bowles. they assume top rates went back up and you bliuilt the tax refo off that premise that included a top rate of 39%. the actuality is when we actu
on entitlements on the table. they are significant raising the medicare eligibility age from 65 to 67. and enacting a reduced inflation formula for social security benefits and other government programs. those are real tangible offers on entitlements that mean that even though the white house rejected the offer, carl, this is positive because now you have specifics from the white house on taxes, from the republicans on entitlements, that's the beginning of the conversation and the president is hoping the meeting with the governors helps move that along a bit. >> i thought it was really interesting there's a new beat to the country after the election defeat of romney the way in which the governors in las vegas who spoke about modernizing gop as you might do abroad. can they push the gop along to the extent that we get a deal sooner rather than later on this particular issue? >> reporter: in theory they could. in practice the national political dialogue and state level political dialogues move on separate tracks. the governors can lend their voices but they can't have a lot of influence
proposal raises the eligibility age for medicare up a couple years. it trims the cost of living increases for social security. and it brings in $800 million through tax reform. but it keeps bush era tax cuts in place for all taxpayers and that's something that the president says he will veto. a new player may be entering the takeover bidding for night capital. the journal reports that it's in you can takes to join vertu financial bid. virtu and get cco have offers o the table. and big lots reporting a loss of ten cents a share. full year profit forecast still above street consensus. >> let's take a look at the futures. at least at this point are indicated higher. dow futures up by about 13 points above fair value. s&p higher, as well. nasdaq up by 4. yesterday dow down low to 60 points. and you did see stocks close right near the lows of the day. dow and s&p 500 were down for the first time in four days. also take a look at what's happening in europe. we spoke with ross a little earlier and you can see that right now there are modest gains there. in france, the cac up by about 0.7%. much
of present value of unfunded future medicare, medicaid, and government pension liabilities is $87 trillion. that $87 trillion is greater than the net worth of the $63 trillion net worth of the united states. that number grew by $7 trillion. any accountant would have to say the u.s. is not a going concern. these debts are being hidden, not being reported. and i don't understand why. >> well, charles, you always get me thinking. maybe i don't agree with everything you say, but today i think i pretty much agree with a lot of it. thank you for being our guest. carl, back to you. >> all right. rick, thanks so much. in a job market that seems to be stabilizing, there are industries that still can't find the workers they need. we're highlighting two of those industries and finding out why businesses are so desperate to hire right after the break. ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in e
Search Results 0 to 19 of about 20